Key Takeaways

• For the better part of the last six months, they were at $60 or below.
• They have returned to normalcy but are still in a healthy zone," he said.He added that government policy has now also supported the sector.
• "So our refineries are varied, our refineries are robust.

Key Development 1

NewsBusiness NewsIndia Business News'Our refineries are robust!': India can process Venezuelean crude oil when available; here's what IOCL chairman saidTrendingTop stocks to buyStock market todayTrump tariffsSilver price todayStandard deductionBudget 2026Gold price predictionTop stocks to buyStock market todayTrump tariffsSilver price todayStandard deductionBudget 2026Gold price predictionTop stocks to buyStock market todayTrump tariffsSilver price todayStandard deductionBudget 2026Gold price prediction'Our refineries are robust!': India can process Venezuelean crude oil when available; here's what IOCL chairman saidTOI Business Desk / TIMESOFINDIA.COM / Jan 21, 2026, 09:52 ISTCommentsShareAA+Text SizeSmallMediumLarge Indian Oil Corporation Ltd (IOCL) stated that the country's refineries are capable of processing Venezuelan crude if supplies resume.

"If at all things start settling down, if at all a lot of crude starts coming out of Venezuela, then can't we import oil from Venezuela?" he said.The executive further added that the company, used to process Venezuelean crude a decade back and can do so again.

For the better part of the last six months, they were at $60 or below.

They can process in an admixed manner, but we can process Venezuelan crude if and when it is made available."The remarks follow the US’s capture of outsted Venezuelan President Nicolas Maduro in a military operation and an agreement to send 50 million barrels of oil, worth $5.2 billion, to the interim Venezuelan government.Sahney also highlighted India’s favourable economic and energy landscape.

Key Development 2

They have returned to normalcy but are still in a healthy zone," he said.He added that government policy has now also supported the sector.

"Refining margin is a very broad term.

"There is no problem on the policy side.

"So our refineries are varied, our refineries are robust.

Key Development 3

The current price band is supportive for economic stability."Sahney explained that refining margins depend on more than crude prices.

It is finally affected by the cracks in the international market.

US Offer Comes With Conditions As Pressure Grows Over Russian Crude Speaking about the capabilities of the refineries, the chairman highlighted that they are strong and can process the supplies.

Whatever support is required has now already been given.

Key Development 4

It is up to us to improve profitability by increasing efficiency, reducing costs and optimising the supply chain," Sahney said.Moving forward, Indian Oil plans to continue investing across the energy value chain, including downstream petrochemicals and cleaner energy solutions.The WEF’s 56th Annual Meeting runs from January 19 to 23, 2026, in Davos-Klosters, with around 3,000 participants from over 130 countries, including world leaders, CEOs, innovators and policymakers, under the theme "A Spirit of Dialogue."About the AuthorTOI Business DeskThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India.

"Venezuelan crude earlier when it was available, like 10 years back or eight years back when it used to be there in the market," Sahney stated at the World Economic Forum (WEF) in Davos.

Venezuelan Oil For India?

The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies.

Key Development 5

This is a good zone where economic growth is also happening and sellers of crude are comfortable."Pointing out India’s reliance on imports, he said, "India remains heavily dependent on imports to meet its energy needs, with IOCL importing about 85-87% of its crude oil requirements.

"India is growing at a phenomenal rate, and everybody is interested in talking about doing business with India," he said.Commenting on global crude prices, he noted, "Crude has now been trading in the range of $60-65 per barrel over the past several months.

With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.Read MoreEnd of ArticleFollow Us On Social MediaPhotostoriesHow to make classic Poha for breakfast at homeKaty Perry and Justin Trudeau: Top viral moments that defined 2025’s most unexpected romance5 real animals that survive by drinking bloodLesser-known facts about Brooklyn Beckham'A Knight of the Seven Kingdoms': Everything to know about the new Westeros spin-offHow to make Punjabi Lobia Masala for dinner at home‘Jana Nayagan’: Everything to know about trailer, posters, cast and more of Thalapathy Vijay’s starrer amid CBFC delayTop 10 countries with the highest government debtFrom Nimona to Samosa: 9 delicious local dishes made with Green Peas5 reasons you could be on the next layoff list of your company123Hot PicksSilver price todayBudget 2026Karnataka DGP ScandalGold price predictionNitin NabinPublic holidays January 2026Bank Holidays JanuaryTop TrendingMatthew StaffordKyle Larson and Katelyn Sweet Net WorthKlay ThompsonElina Svitolina and Gael Monfils Net WorthShane Lowry Net WorthTom BradyPaul Scholes and Claire Froggatt Net WorthJohn Harbaughs WifeNHL TradeKelly PiquetTired of too many ads?go ad free nowTrending StoriesIn BusinessEntire Website'Our refineries are robust!': India can process Venezuelean crude oil when available; here's what IOCL chairman saidA new low for rupee!

Today, cracks are working fine.

Key Development 6

Currency falls 23 paise in early trade; reaches 91.20 against US dollarStock market today: Nifty50 opens below 25,200; BSE Sensex down over 200 pointsWall Street tumbles!

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